Most listings are in the $60's per square foot per year. The Theater District submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $9 per sqft per year. That's a 13% decrease in rent.
Compared to the rest of the New York City market, the Theater District region has lower rates, so you should have no trouble finding a great deal in this discounted submarket.
In the last 90 days, 135 listings have been listed, so you'll want to check back regularly for new listings. About 22% of the office spaces in the Theater District are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 4,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this area are approximately 23 stories. Most buildings in this area were built in 1930 and are Class A.
Arts, entertainment, and restaurants are the dominant industries in this market. Most of the residents of Theater District work from home. Commuting close to 10 minutes a day is the norm for those who opt to reside in this part of town.